Gold stream on Sabre Gold’s Copperstone Gold Mine – a previously producing, construction-stage mine in Arizona
Sabre Gold Mines Corp.
Gold Stream of 4% of Au produced for the duration of Copperstone’s Life-of-Mine (“LOM”).
Cash payment per ounce of gold delivered equal to 25% of the average LBMA gold spot price.
US$12 million in two US$6 million tranches.
In November 2023, the stream was revised from a previous 6.6% of gold production with production-based stepdowns to a flat 4% gold stream for the duration of Copperstone’s LOM and C$4.55 million in combination of cash and shares. Please see the November 2, 2023 press release detailing the restructuring.
- Near-term production: Copperstone is expected to achieve commercial production within 14 months of financing completion.
- Tier 1 jurisdiction in Arizona, USA: The mine restart plan envisions an approximately 550 tonne-per-day underground operation and whole ore leach process to produce gold doré on site.
Copperstone is a past-producing gold mine located in western Arizona, USA, approximately 230 km west of Phoenix and has year-round access. The project sits within the Walker Lane gold trend, a mineral belt hosting a total known gold endowment of over 40 million ounces.
The Copperstone Project is presently under construction and re-development as an underground operation. Over 500,000 ounces were produced from 1987 to 1993 by Cyprus Minerals via open pit methods. Sabre Gold estimates that over US$100 million in mining and processing infrastructure remain in place at Copperstone allowing for relatively modest restart capital costs.